M O R I TA R E P O R T 2 0 1 3

To Shareholders and Investors
I n t e r i m B u s i n e s s R e p o r t f o r t h e 81s t Te r m
From April 1, 2013 to September 30, 2013

Securities Identification Code: 6455

Morita Topics
Innovative concepts and the latest technology on showat the Tokyo International Fire and Safety Exhibition 2013
The Tokyo International Fire and Safety Exhibition 2013 washeld at Tokyo Big Sight in October this year, with a total ofapproximately 125,000 guests visiting over the four-day event.
The exhibition was organized to showcase the latest in firefighting technologies and initiatives from Tokyo to guests fromJapan and around the world, to spread information related tofire fighting and disaster safety, and as an event for industryinteraction. Five companies of Morita Group – Morita
Holdings, Morita Corporation, Morita Technos Corporation,
Morita Bohsai Tech Corporation and Miyata Industry Co., Ltd.
– participated at the event with fire fighting vehicles equippedwith innovative concepts and the latest technologies, firefighting and rescue products, and other disaster relatedequipment. Guests were invited to ride in the 35 m ladder, anda special jazz live session by jazz pianist Chihiro Yamanaka
was organized with all staff on hand to welcome guests.
Next-generation fire fighting vehicles multi-purpose firefighting vehicle with 13m aerial platform MVF (Morita01

M O R I TA R E P O R T 2 0 1 3

Various Fighter) and Water tender MFF (Morita FeatureFighter) were also on show as reference exhibits.
The “MVF” features a basket and flexible boom that can reachup to approximately 13.7 m above ground and approximately
2.1 m below ground, and has been designed for use in a rangeof different rescue scenarios. In addition to rescue efforts, thevehicle can also be used to spray water from high positions,and also comes equipped with the new CAFS in what is an
outstanding fire truck with advanced fire fighting, rescue andequipment capabilities.
The “MFF” equipped with the new CAFS and a 1,500 L PP
tank, and in addition to water truck functionalities, thecompact and lightweight aluminium volute pump MZI ensuresthat there is ample storage space onboard. A water tender witha range of functions and unique design to transport water withpeace of mind.

Other displays include a reference exhibit of a aircraft rescue& fire fighting vehicle for use at airports that features a modern
design with ample windscreen space for better visibility.

M O R I TA R E P O R T 2 0 1 302

A range of new productconcepts designed forease-of-use and safetyw e r e a l s o o n s h o w,
including the L-CHA(Lifter Battery Charging
System) that automaticallycharges the lifter thatraises the basket ofladder trucks, the L-VAS (Ladder voice assistance system) thatprovides audible warning sounds and guidance of the ladder’sposition, and Luminous Safety that ensures safer nighttime
work with step lamps laid out on truck decks.
M o r i t a ’s c o r e p r o d u c t s t o o k t h e s t a g e . A n o u t d o o r
demonstration of the CAFS, which can be used to fight fires
with a foam spray using compressed air with a water and foam
mixture, highlighted its water discharge capabilities and easeof -use to a la rge
num ber of guests.
Trucks equipped withthis CAFS alreadyma ke u p a ppr oxi­mately 25% of theannual demand forsuch vehicles in Japan,and Morita will focus
on promoting them ascore strategic
products.
Morita will continue developing products that are capable ofresponding to various types of disasters as part of its aim tocreate a “safe, comfortable and prosperous society” with ourdedication to quality production and unceasing technologicalinnovations.

03

M O R I TA R E P O R T 2 0 1 3

Message from top management
We deeply appreciate your constant support and patronage,
and are happy to report on our operations in releasing our 81st
interim earnings.

Business overview
During the first half of FY2013, the Japanese economy has
shown signs of recovery, in part, as a result of thegovernment's economic and monetary policies. Still, however,uncertainties remain due to an increase in raw material prices
reflecting stronger yen and a concern about the downward
overseas economy.
In this environment, the Group engaged in aggressive sales
operations while working to reduce our cost of goods anddevelop new products.
Our operating results for the first half of FY2013 are asfollows: The Group’s net sales grew ¥48million, on a yearover-year basis respectively, to ¥23,972million (+0.2%);
operating profits decreased ¥106million to ¥1,028million( - 9 . 4 % ) ; o r d i n a r y p r o fi t s d e c r e a s e d ¥ 7 1 m i l l i o n t o¥1,084million (-6.2%); and net income decreased ¥40million
to ¥519million (-7.2%) from the same period of the prior year.
The Group’s operating results by segment are as follows: Sales
in the Fire Fighting Vehicles Business were ¥8,646million(+7.8%, on a year-over-year basis respectively) because oursuccess in receiving orders played a leading role in thebusiness results; sales in the Fire Protection Equipments &Systems Business were ¥7,317million (-9.9%) due toselectively accepted sprinkler facility installation orders aswell as the prospect that sales of fire extinguishers andSPRINEX would be focused on the fourth quarter; sales in the
Recycling Machines Business were ¥2,232million (+0.9%)
partly due to scheduled progress in the delivery of products;
sales in the Environmental Conservation Vehicles Businesswere ¥4,600million (+5.7%) due to our success in receivingorders; and sales in the Bicycles Business were ¥1,175million(-3.5%) partly due to weak sales of light roadsters despite
growing sales of sports bicycles.
M O R I TA R E P O R T 2 0 1 304

Future Outlook
As described above, the Group’s business performance for the
first half of FY2013 remained generally steady because thebusiness results of the Fire Protection Equipments & Systems
Business and the Environmental Conservation Vehicles
Business grew strongly. Although the Japanese economy
would still remain in balance for the moment, we will
endeavor to continue our aggressive marketing activities andpromote measures for cost reduction and production efficiency
so as to attain profitability.
In conclusion, we would like to take this opportunity to ask
our shareholders for their continued support andencouragement.
November 2013

Masahiro Nakajima
President05

M O R I TA R E P O R T 2 0 1 3

Consolidated Summary
Consolidated Balance Sheets

Morita Holdings Corporation and Consolidated Subsidiaries
Millions of yen

FY2012First half

FY2013First half

FY2012
Full Year

AssetsCurrent assets¥ 35,968 ¥ 36,349 ¥ 40,404

Property, plant and equipment

29,652

29,99728,538Intangible assets

1,560

1,407

1,207

Investments and other assets

5,753

9,879

7,984

Total assets¥ 72,933 ¥ 77,632 ¥ 78,133

Liabilities
Current liabilities¥ 21,991 ¥ 25,467 ¥ 26,908

Long-term liabilities

14,64812,181

12,027

Total liabilities

36,63937,64838,935

Common stock

4,746

4,746

4,746

Additional paid-in capital

3,742

3,743

3,742

Retained earnings

28,92731,71931,557

Net assets
Shareholders’ equity(1,044)(1,063)(1,056)36,372

39,14538,989Unrealized gains on available-for-sale securities

92

1,210

961

Deferred gains (losses) on hedges

(6)

2

9

Unrealized gains (losses) on revaluation of land

(1,066)(1,774)(1,774)Foreign currency translation adjustments

(313)

130

(198)

Total accumulated other comprehensive income(1,294)(430)(1,001)

Minority interests in consolidated subsidiaries

1,216

1,268

1,209

36,29439,98339,197

Treasury stock, at cost
Total shareholders’ equityAccumulated other comprehensive income

Total net assets
Total liabilities and net assets¥ 72,933 ¥ 77,632 ¥ 78,133(Note) Figures less than 1 million yen are rounded down to the nearest 1 million yen.

M O R I TA R E P O R T 2 0 1 306

Consolidated Statements of Income

Morita Holdings Corporation and Consolidated Subsidiaries
Millions of yen

FY2012First half

Net sales

FY2013First half

FY2012
Full Year¥ 23,923 ¥ 23,972 ¥ 67,140

Cost of sales
Gross profit

17,5196,404

17,441
6,531

49,837
17,303

Selling, general and administrative expenses
Operating income
Other income
Other expenses
Income before income taxes
Income taxes
Current
Deferred

5,269
1,134
201
351
984

5,503
1,028
239
342
925

11,037
6,266
624
2,081
4,808

470
—
470

485
—
485

2,342
(321)
2,020

Minority interests in earnings of consolidated subsidiaries
Net income(45)¥ 559(79)¥ 519(79)¥ 2,867(Note) Figures less than 1 million yen are rounded down to the nearest 1 million yen.

Consolidated Statements of Cash Flows

Morita Holdings Corporation and Consolidated Subsidiaries
Millions of yenFY2012First half

Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of period (year)

FY2013First half

FY2012
Full Year(¥ 777) (¥ 2,394)(1,039)(3,878)
(325)
3,029
20
69
(2,122)(3,174)
8,667
8,748¥ 6,545 ¥ 5,574¥ 5,240(1,813)(3,410)64818,667¥ 8,748(Note) Figures less than 1 million yen are rounded down to the nearest 1 million yen.

07

M O R I TA R E P O R T 2 0 1 3

Company Profile(As of September, 30, 2013)

Overview
Company Name

MORITA HOLDINGS CORPORATION

Inauguration of Business
Establishment
CapitalApril 23, 1907

Ju l y 23, 1932

¥4,746 mil.

Osaka Head Office

3-6-1 Dosho-machi, Chuo-ku, Osaka-shi, Osaka

Tokyo Head Office

3-25-31 Nishishinbashi, Minato-ku, Tokyo

Type of BusinessControl/management of business activities
of group companies, and being entrustedwith indirect management operations

Group Companies
MORITACORPORATION

1-5 Techno Park, Sanda-shi, Hyogo, 669-1339, Japan

MORITABOHSAI TECHCORPORATION

Shiba 256 Square Building 8F, 2-5-6 Shiba,Minato-ku, Tokyo, 105-0014, Japan

MORITAENVIRONMENTALTECHCORPORATION

1530 Konoda-cho, Funabashi-shi, Chiba,274-0081, Japan

MORITAECONOSCORPORATION

1-48 Jinmu-cho, Yao-shi, Osaka, 581-0067, Japan

MORITATECHNOSCORPORATION

5-5-20 Shoji-Higashi, Ikuno-ku, Osaka-shi,Osaka, 544-0003, JapanMIYATA
INDUSTRYCO., LTD.

1-1-1 Shimomachiya, Chigasaki-shi, Kanagawa,253-8588, Japan
Development, manufacturing and sales of fire
extinguishing-related equipment, mainly of fire
extinguishers, firefighting equipment and otherfire protection equipment

MIYATACYCLE CO. LTD.

3-25-31 Nishishinbashi, Minato-ku, Tokyo, 105-0003, Japan
Development, manufacturing and sales of bicycles

Development, manufacturing and sales of ladder trucks, firetrucks and other types of fire trucks and specialty vehicles

Sales of fire protection equipment mainly fire
extinguishers. Design, construction andmaintenance of fire protection facilities

Design and construction of waste recycling facilities andother waste disposal facilities. Development,manufacturing and sales of large hydraulic equipment
Development, manufacturing and sales of environmental
conservation vehicles such as sanitation vehicles andgarbage trucks

Aftercare service and maintenance of fire trucks and ofequipment and materials for lifesaving. Development,
manufacturing and sales of electronic applied machineryand information processing machinery

M O R I TA R E P O R T 2 0 1 308

MORITA SOGO SERVICECORPORATIONALUVOCORPORATIONMORITA U.G.
CORPORATIONMORITA ENGINEERINGCORPORATIONHOKKAIDO MORITACORPORATIONKAGOSHIMA MORITA
PUMP CORPORATIONMORITA TOYOCORPORATIONSHANGHAI JINDUN SPECIALVEHICLE EQUIPMENT CO., LTD.
NANJING CHENGUANG MORITAENVIRONMENT PROTECTIONSCIENCE & TECHNOLOGY CO., LTD
SICHUAN MORITA FIRE
SAFETY APPLIANCESLIMITED COMPANY
MORITA HOLDRICH (HONG
KONG) COMPANY LIMITED09

M O R I TA R E P O R T 2 0 1 35-5-20 Shoji-Higashi, Ikuno-ku, Osaka-shi,Osaka, 544-8585, Japan1479-1 Kamikanzo, Iwata-shi, Shizuoka,
438-0115, JapanShiba 256 Square Building 8F, 2-5-6Shiba, Minato-ku, Tokyo, 105-0014, Japan
1-48 Jinmu-cho, Yao-shi, Osaka 5810067, Japan
13-2-17 Naebo-cho, Higashi-ku, Sapporoshi, Hokkaido, 065-0043, Japan
12-32, Matsubara-cho, Kagoshima-shi,
Kagoshima, 892-0833, Japan
1700-2 Konjinzuka, Sanagu-cho, Iga-shi, Mie, 5180001, Japan
No.1515, Lizheng Road, Shuyuan Town, Pudong
New Area, Shanghai, China, 201304
No.188 Tianyuanzhong Road, Jiangning
Economic & Technical Development Zone,Nanjing, China, 211100
No.8, Xinhua Avenue, Chengdu CrossStraits Technological Industry Park,Wenjiang District, China, 611130
Level 12, 28 Hennessy Road, Wanchai, HongKong

Shareholder’s MemoInformation about the StockBusiness YearApril 1st to March 31st

Annual General Meeting of Shareholders
Reference Dates

June

Annual General Meeting of Shareholders - March 31stYear-end Dividend - March 31st
Interim Dividend - September 30th
Other dates published in advance as necessary

Method of Public Notice

Posted on company website
http://www.morita119.com/kohkoku/index.html
Administrator of the Shareholders List
Sumitomo Mitsui Trust Bank, Limited
1-4-1, Marunouchi, Chiyoda-ku, Tokyo

Place of Clerical Office for the above
Stock Transfer Agency Department, Sumitomo Mitsui Trust Bank, Limited
4-5-33, Kitahama, Chuo-ku, Osaka-shi, Osaka(Postal Address)

Stock Transfer Agency Department, Sumitomo Mitsui Trust Bank, Limited
2-8-4 Izumi, Suginami-ku, Tokyo, 168-0063(Telephone Inquiries)+81-120-782-031(Internet Website URL)

http://www.smtb.jp/personal/agency/index.html
Stock Listing

Tokyo Stock Exchange[Special Account]
For shareholders who did not use JASDEC (Japan Securities DepositoryCenter, Inc.) before the share certificates were computerized, an account (aspecial account) has been opened with Sumitomo Mitsui Trust Bank,Limited, the administrator of the shareholders list. For details regarding thespecial account, notification of address change, and so on, please contact
the telephone inquiry number listed above.

[Notification of Address Change and Inquiries]
For shareholders who have an account at a securities firm, please contact
the firm where your account was established for notification of addresschange and so on. For shareholders who do not have an account at asecurities firm, please contact the telephone inquiry number listed above.

M O R I TA R E P O R T 2 0 1 310

Please visit our website
for the latest investor relations information.

http://www.morita119.com

Online Storefor MORITA Original Goods“MORITA NETSHOP”
http://morita119-netshop.com/

Osaka Head Office
3-6-1 Dosho-machi, Chuo-ku, Osaka-shi, Osaka, 541-0045, Tel. +81-6-6208-1907
Tokyo Head Office
3-25-31 Nishishinbashi, Minato-ku, Tokyo, 105-0003, Tel. +81-3-5777-5777

http://www.morita119.com